Getting Singapore property can be difficult, particularly if you are not familiar with the complex paperwork and regulations involved. It is important to select a competent property agent when buying or renting a property. Here’s how to identify a trustworthy agent in Singapore
Entry Qualification: CEA Certification.
In Singapore, only those who pass the Real Estate Salesperson (RES) examination can become property agents. The examination process is relatively hard as the passing rate is less than 20% such that any agent will have basic knowledge in real estate, law and finance. Agents who pass then need to register with Council for Estate Agencies (CEA) and must fulfill continuing education requirements to remain updated on market trends and regulations.
To check if an agent is registered with the CEA, look at the CEA official website. This public register shows the agent’s business name, photograph, registration number, and transaction history. This helps you check if the agent is legit and avoid being scammed.
Experience Matters
Gaining practical experience is just as important as getting a license for businesses. New agents may have no transaction history, which could affect how they assist you. Agents with more experience will fit you into a property more suited to your needs at a fair price after negotiations. Further, they can better handle contracts and loans. Using the expertise of good agents can save you time, hassle and money in buying or renting a home.
Understanding Agent Fees
When buying property, usually the seller pays the agent’s fee which is generally 2% + GST for second-hand property. In transactions involving HDB, typically, the buyer and seller pay their own agent. If you’re renting, the landlord usually pays the agent’s fee for landlord’s agents. If you are hiring a tenant’s agent, you should expect to pay your tenant’s agent fee especially if the rent is <S$6,000. By knowing these fees, you can plan your finances and not be shocked at the last minute.
The Importance of Professional Representation
Going to a property on your own may lead to mistakes that cost you dearly. For instance, you may miss a flaw in the property or pay too much for it. When buyers have agents, they are usually favoured during negotiations, as agents help to smoothen the process. Having an agent will take a lot of stress away as the agent will handle everything on your behalf.
Choose Housebell for Your Property Needs
For reliable property search, use Housebell. Used by agents. This platform has many real listings from CEA-certified agents, ensuring safety and assurance. If you encounter any questions or issues, their customer service online will assist you.
